Otu budgets N987.8bn for 2027, capital projects get 72%

Governor Bassey Otu of Cross River State on Wednesday presented a budget of N987.8 billion for 2027 to the state House of Assembly.

He earmarked N708.43 billion for capital projects.

Presenting the budget, christened “Budget of Consolidation and Renewed Hope,” Mr Otu said the proposal prioritised infrastructure, agriculture, healthcare, education and economic diversification.

The governor said the 2027 budget represented a 2.57 per cent increase compared with the 2026 budget.

“Capital expenditure accounts for about 72 per cent of the total budget, while recurrent expenditure stands at N279.38 billion, representing 28.28 per cent,” he said.

The governor said his administration had not obtained fresh domestic or external loans since assuming office in 2023, noting that the state’s existing debt burden was mainly inherited from previous administrations.

He pledged to strengthen internally generated revenue and attract private investment to finance development projects.

Reviewing the 2026 budget, Mr Otu said the government raised the spending framework to N963.07 billion through a supplementary budget to accommodate urgent interventions and counterpart-funding requirements.

He listed past achievements, including about 608 km of road projects, support for 8,000 farmers with over 20,000 bags of fertiliser, and the distribution of one million improved seedlings, among others.

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The governor also listed improvements to healthcare and education infrastructure, payment of WAEC fees for indigenes, and the promotion of 14,000 teaching and non-teaching staff as other achievements.

“Infrastructure received the largest sectoral allocation of N246.1 billion, followed by education with N99.6 billion, health with N85.4 billion, and agriculture with N28.2 billion,” he said.

Mr Otu also identified aviation, transportation, and maritime development as key areas for economic diversification.

He urged the assembly to consider and pass the appropriation bill, and pledged his administration’s commitment to prudent management of public resources.

The governor said the budget would consolidate ongoing projects and promote inclusive growth and improved welfare for Cross River residents.

(NAN)